- In the Binance lawsuit, SEC relies on Ripple’s ruling in a Ripple-related lawsuit as additional authority.
- Judge Hamilton’s objective judgment on XRP-s third Howey prong generates controversy.
In a long-running legal dispute, BinanceThe U.S. Securities and Exchange Commission has added another twist to the Ripple lawsuit by leveraging a recent ruling. The SEC has acted following a California District Court Judge’s legal opinion, which is different from a Southern District of New York judge’s decision that XRP was not a securities.
SEC Files Ripple Suit as Additional Authority in Binance Case
In addition to the SEC’s Ripple Class Action Case, it was filed in District Court of Columbia by the SEC most recently. This case is still ongoing against Binance.US and Changpeng Zhao, former CEO of Binance. Ripple SEC claims that the complaint is made.
As the period for discovery and depositions draws near, most conflicts arising from the Binance litigation have been settled. One of the motions that is currently awaiting court ruling is the joint motion for dismissal.
Ripple Labs, Inc., under the aegis of Judge Hamilton, won the case after the majority of plaintiffs’ claims for securities violations was rejected. The case will still proceed despite the deceptive statements made by Ripple CEO Brad Garlinghouse about XRP.
Reaction Garlinghouse Has stuck with his position, saying he’s confident and prepared to provide additional details during trial. He said that the lone complaintant may not have heard the disputed remark prior to trading, and didn’t buy XRP from Ripple directly.
The SEC and the ongoing debate
The XRP Community is in a heated debate after Judge Hamilton overturned the SDNY Court’s decision that XRP sales programmatically are not securities. In his dispassionate ruling on the third element in the Howey Test, the court noted that buyers of XRP programmatic sales might have expected to gain from Ripple’s efforts.
Meanwhile, the SEC brought Garlinghouse’s allegedly misleading remarks about XRP under notice. Ripple’s main concern is that the SEC could use this California lawsuit in an appeal to Second Circuit against Judge Torres’ summary ruling about XRP. The case hinges whether XRP transactions are securities.
CoinMarketCap shows that the current price of XRP (which is about) is around $0.4853 When writing this, you will notice that the text is written down. 0.87% Over the past 24 hours. The XRP price has risen by 1.22% In the last week, there has been a trend of bullishness.
The price change is a result of general market insecurity and Ripple’s legal uncertainty. CNF raised important questions before this. Stuart Alderoty Ripple’s response to the recent SEC decisions.
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